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Summary of Selected Opinion 97-224

Ability Of Credit Union To Invest In An Electronic Funds Transfer System

Pursuant to Mass. Gen. Laws ch. 167B § 5, a financial institution may invest in an organization which assists or provides services to a financial institution in order to make available electronic funds transfers. This section also provides that "no financial institution shall invest in or contract for the services of any organization unless such organization has been approved in writing by the Commissioner." Section 3 of chapter 167B further states that "the Commissioner shall determine the amount which a financial institution may invest in the purchase, establishment, installation, operation, lease, use or sharing of electronic branches . . . in making such determination, the Commissioner shall consider the amount already invested by such financial institution for the transaction of its business and the current condition of such financial institution." Based on the statutory language of Mass. Gen. Laws ch. 167B §§ 3 and 5, it has been the consistent position of the Division that a state-chartered credit union is authorized to participate in the capitalization of an organization which is assisting that credit union in making electronic fund transfers, provided that such credit union complies with the applicable provisions of said chapter 167B.

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The information below summarizes privacy policy terms related to content recommendations on Mass.Gov and is excerpted from the full Mass.gov privacy policy.

Purpose: Displays relevant content recommendation based on the site usage pattern of all users of Mass.Gov. If Personalization is enabled (the default setting), your personal site usage pattern today and on prior visits to Mass.gov will be displayed to you and will also be a factor in determining personalized relevant recommendations for you.

Data Collected: A random anonymous unique identifier is assigned and tracked for each user of the website. This identifier is sent to our vendor, Baynote, when you view a page, open a document or click a link on Mass.Gov. Our vendor then analyzes the specific content that was viewed and provides content recommendations to similar content that you may find useful. A full description of what data Baynote collects and how it uses this data is available at http://www.baynote.com/baynote-services-privacy-policy/. Please note that the tool uses persistent cookies. These cookies will be Mass.gov domain cookies and not Baynote domain cookies. The cookies will store information related to a user’s Mass.gov Web site usage, including the URL and title of sites recently visited and the random anonymous unique identifier assigned to the user. In general, and as described in more detail in Baynote’s service privacy policy linked to above, Baynote only uses the personalized information it gathers to provide recommendation services and display past usage for Mass.Gov users and will not share this information with any third parties, including advertisers. The information collected will not affect content you may see on sites unaffiliated with Mass.Gov.

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Disabling personalization will affect both content recommendations and recently viewed page links. If you turn off personalization, this “off” setting will persist as you browse Mass.Gov and during any future sessions. The opt-out setting is stored in a persistent cookie on your computer. The setting will remain in effect so long as you use the same computer with the same Internet browser. If you delete the cookie that contains the opt-out setting or use a different browser or computer, personalization will be enabled and you will need to disable it again on your next visit, if desired.

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